Keppel Land to divest entire stake in Sedona Hotel Mandalay
Keppel Land will sell its entire stake in Sedona Hotel Mandalay, reported the Business Times.
“Keppel Land has entered into a conditional sales and purchase agreement to divest its entire stake in Wiseland Investment (Myanmar), which owns Sedona Hotel Mandalay, to Eden Hotels and Resort Co for US$41 million,” reported the news agency.
The divestment, which comes closely after Keppel Land’s investment in Junction City Phase Two in Yangon, is in line with the company’s strategy to recycle capital for higher returns, the news agency reported citing the company’s release to the Singapore Exchange.
“The divestment will unlock value in Sedona Hotel Mandalay for Keppel Land and enable us to pursue other opportunities in Myanmar, with a focus on Yangon,” Ng Ooi Hooi, the president (Regional investments) of Keppel Land was quoted by the news agency as saying.
The 250-room Sedona Hotel Mandalay was launched in 1997.
Keppel Land made its first foray into Myanmar in 1993 when it broke ground for Sedona Hotel Yangon, before breaking ground for its second Sedona hotel in Mandalay a year later, said the news agency.